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Bullish Configuration Remains Despite Nominal Decline
By Harry Boxer | Published  06/20/2005 | Stocks | Unrated
Bullish Configuration Remains Despite Nominal Decline

The indices had a down day today.  After a very negative start when the indices gapped lower and then slipped even lower than that, taking out minor support, they failed to follow-through to the downside.  The rest of the morning was spent in snapback mode.  After a 2-hour consolidation, they broke out again in the afternoon and ran up to retest Friday morning's highs, but pulled back in the last 20-30 minutes of the session, bringing the indices back into negative territory.

The Dow ended down 14, the S&P and Nasdaq less than a point, and the SOX was down 2.21 today, pressuring Nasdaq.

The technicals were negative by 3 to 2 on advance-declines on both exchanges.  Volume was light, and up/down volume was about 7 to 5 negative on New York and just barely negative on Nasdaq.  Total volume was less than 1 1/4 billion on New York and about 1.3 billion on Nasdaq. 

TheTechTrader.com board was very mixed, with equally as many gainers as losers.  The star of the day again was Dynamic Materials (BOOM), up 2.26.  The losers of the day were Air T (AIRT), down 1.53, and CryptoLogic (CRYP), down 1.45.

Other than that, nothing was up or down more than a point on my board.  Charts of the Week, Millennium Pharmaceuticals (MLNM) advanced 34 cents and Vertex Pharmaceuticals (VRTX) 69 cents.

On the downside, JAMDAT Mobile (JMDT) gave back 89 cents, Forward Industries (FORD) 70 cents and DayStar Technologies (DSTI) 71 cents.

Stepping back and reviewing the hourly patterns, despite the early pressure the indices managed to snap back towards resistance and are still in a bullish configuration.  This morning's decline held at the moving averages on the hourly charts that resulted in the afternoon rally.  But there was little follow-through to break them out, and we'll see which direction they take tomorrow.

Good trading!

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a FREE 15-day trial to his Real-Time Technical Trading Diary, or sign up for a Free 30-Day Trial to his Top Charts of the Week service.